28 January 2013

The latest property cooling measures
may be targeting foreign buyers, but at least one property firm believes that
the steps will not curb foreign appetite for Singapore properties.

China Sonangol Land plans to continue
expanding in Singapore and is not too bothered by the latest cooling measures.

The company expects buying activity
to return in about six months' time.

It is planning to develop another
freehold condominium in East Coast this year, the 109-unit Amber Skye, which it
is jointly developing with OKP Holdings. Amber Skye will be launched in the
second half of this year.

The developer plans to focus on
residential properties in Singapore, but is also considering developing
offices.

Some investors are already trying to
flip the shop units they bought just days ago at the yet-to-be-completed
Alexandra Central, a sign that they had invested in the project hoping to make
a quick buck.

A Business Times check showed that at
least 19 of the 114 retail units that were sold by the developer last Monday,
appeared to be on the market again by Saturday. Only one unit of each size was
included in this tally.

Prices listed ranged from about
$3,720.93 per sq ft for a 258 sq ft unit, to as high as $8,600 psf for a 107.6
sq ft unit.

The project's popularity came amid
expectations among market watchers that commercial properties are likely to see
higher interest following the recent round of cooling measures that hit the
residential and industrial markets about two weeks ago.

When completed, Alexandra Central
will be located next to Ikea and on the site of the former Safra building in
Alexandra Road. The overall development includes a 450-room hotel managed by
Park Hotel Group. Construction is expected to be completed by June 2016. It is
developed by Chip Eng Seng.

A freehold commercial property at the
corner of Changi Road and Lorong 105 Changi has been put up for sale by tender.

No 160 Changi is offered for sale on
a vacant possession basis, said its marketing agent. This came after its owner,
AIA Singapore, shifted operations that used to be housed there up until late
last year to its other properties in Singapore.

The property is expected to fetch in
excess of $62 million.

No 160 Changi is currently a 4-storey
building with two basement levels that include 23 carpark lots. It sits on a
site area of about 18,000 sq ft (sq ft) about 300 m away from Eunos MRT station
and has a permissible gross plot ratio of 3.0.